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this post was submitted on 05 Oct 2023
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Wouldn’t this just legitimize the value? A fine for overestimating the value would seem a better punishment
Overvaluing real estate is part of what’s causing the housing crisis we’re experiencing.
I feel like setting a precedent for this could be helpful. If someone sells a house for higher than the value they’re being taxed at, they should pay that tax rate for the last 3 years or whatever number is decided is fair.
The incentive to overvalue properties would be gone.
Overvaluing really isn't an issue causing the housing crisis.
It is more supply and demand as the real cause. when interest rates were low, investors got involved in buying up homes leading to property values rising even more.
From a property tax perspective there's so many variables that contribute to the value of a house that assessment values are based more on average of a neighborhood area instead of on a house by house basis. Unless the house is sold.
A houses true value is really only known when a sale occurs in the vast majority of cases as the true value is what someone else is willing to pay.
The last home we lived in was 1200 sqft and assessed at 135k if I remember correctly. We sold at around 230k when our neighborhood caught up to rising property values in the city. New owners stayed for a year adding only a privacy fence and sold for 330k.
While I think those sale prices are insane, someone else saw the value and agreed to the price.
Ok, maybe housing crisis is not what I meant, but it sure doesn’t help rent prices. The more someone pays for a house, the more they’ll charge for rent. Rent prices can be kept down by not allowing jackasses to massively oversell their house to their buddy in a money laundering scheme.
Maybe it could be within a certain percent of the latest assessment or something?
I dunno I’m just spitballing an idea here. Someone smarter than me can figure out the actual numbers.